MARKET WRAP: Rand has best day since Ramaphosa won ANC presidency in 2017

The rand had its best day on Friday since President Cyril Ramaphosa won the race to lead the governing party at the ANC’s 54th national conference in 2017, as the US Federal Reserve’s dovish tone put pressure on the dollar.

At 5.36pm, the rand had firmed 2.8% to R16.5693/$, recording its biggest gain since December 18 2017. It had strengthened 2.02% to R19.7245/€ and 1.63% to R22.1240/£. The euro added 0.71% to $1.1903. The local currency is still down 15.3% to the dollar so far this year.